Well, years and years ago still in the pits, locals were allowed in to provide liquidity. These days, the idea is the same, but compared to the black boxes, the liquidity that locals provide, it just cannot be compared; and with time, the difference will only get bigger.
That is why Eurex gives incentives to black boxes, by lowering their commissions, and also by upgrading their lines in order to accomodate more black boxes. You dont see Eurex saying, "we are lowering rates for all human traders out there!!!" Also, take a quick tour around London's prop firms and check out how many traders have left the business in the past few years. And the number of program trading the last few years has just gone one way.
Locals are important, but Eurex got their priority right. Specially with technology only improving, there will be more and more black boxes out there with time.
I don't particularly like the machines, but they are here to stay, and people just have to realize that and stop complaining. A few years ago, people were complaining about Rotter.
Markets are still moving, opportunities are still there, there are still lots of money to be made, so just focus on that. Actually YT also has to focus in school or no Xbox!!
